Avoid U. Chicago

Colleges and Universities A-Z University of Chicago ✅
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<p>.... unless you are very poor or wealthy.</p>

<p>Our adjusted family income for 2007 was $109K, so we are not poor, but we got NO needs-based aid from U. Chicago whatsoever. Instead, my daughter was invited to take out a loan and we were billed for $44,000 for the first year.</p>

<p>Initially, of course, we got a letter of admission (which excited my daughter greatly). Then, two weeks later, we got the letter from the Office of Financial Aid, letting us know that U. Chicago was out of reach.</p>

<p>This "offer" was dramatically different from other top schools to which my daughter applied. DRAMATICALLY different.</p>

<p>There is no way that our family can pay about $200,000 for my daughter to attend U. Chicago. We have saved up $70K, and we could stretch to $100K, but $200K on a family income of $109K is impossible.</p>

<p>We have less than $5K in assets and under $200K in our house. Perhaps U. Chicago was hoping that we would be willing to sell our house or cash out our 401K pension plans.</p>

<p>I notice that U. Chicago admits 3 students for every one that enrolls.
U-CAN:</a> University of Chicago :: Page 1
Does U. Chicago send out financial aid offers such as the one we received in the faint hope that maybe one person in ten in my income bracket will agree to be gouged? It could work, if the market is all that counts.</p>

<p>My daughter's SATs were above the mean score for U. Chicago admittees, and -- like most Chicago applicants, I assume -- she has several other "hooks" in her application, including being a published author. But she will not be taking up the place U. Chicago offered her, which now will be given to a lower rated student who almost certainly will come from a family with a lot more money.</p>

<p>I guess that tells you something about U. Chicago's priorities and values.</p>

<p>I have no problem with Colleges and Universities charging whatever they think they can get away with and letting the market sort everything out. And I DO expect to pay (a lot) for my daughter's education. However, my daughter studied up on U. Chicago and applied in the misbelief that it might be possible for her to attend. Would it not have been ethical to let us know in advance that there was NO CHANCE she could enroll? How about explaining to would-be applicants that U. Chicago's needs-based policies are so out of line? Or, maybe, U. Chicago just doesn't care.</p>

<p>It's my understanding that some top universities give needs-based financial aid so that they improve the caliber of the student body. Apparently, it's more important for U. Chicago to collect revenue.</p>

<p>Our brush with U. Chicago left us with a very nasty taste in the mouth. If you're very poor I assume you will get some needs-based assistance. If you come from a wealthy family, U. Chicago definitely is for you. </p>

<p>If you come from a "middle-class" family and are a super achiever, don't bother. Apply somewhere else.</p>

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<p>Wow......10</p>

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<p>The same exact thing happened to my friend, and i feel so bad for her. It is totally not fair. It is her top school, and the one she would like to go to the most, and she didn't apply to ivies or anything. Her mother definately makes less than you guys, and they included her dad, even though they are divorced and he won't pay anything. It is the best school for her, I know it. She will probably end up going to our state school. It is not fair, i am so angry at Uchicago for this. They are losing awesome students, they will lose in the end.</p>

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<p>they gave her no aid whatsoever and her mom makes less than you do, and her dad isn't even going to pay, sad situation.</p>

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<p>Yea, on the facebook group there are apparently many people in the same situation as you.</p>

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<p>Chicago financial aid sucks. What's worse is that it is totally avoidable. There are many other schools that have a smaller endowment but are also research institutions that have great financial aid. Take Caltech for instance. $1 billion endowment, yet pretty much anyone who gets into Caltech gets a near- free ride.</p>

<p>The bureaucrats running the university are pretty obnoxious when it comes to money. For example, we just found out that the university is going to save $40 million from graduate funding due to a calculation error. And where is that money going? To the graduate students? No, the bureaucrats refuse to do so. To the undergrads? What, are you kidding?</p>

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<p>People think that because U Chicago is a great school like HYPS that is has the same size endowment that those schools offer. The fact of the matter is that Chicago was nearly bankrupt not too long ago, and even now its endowment is somewhere around 6 billion, if I'm not mistaken. Yale, on the other hand, has an endowment that is upwards of 25 billion. You can't reasonable believe that those two schools could offer the same amount of financial aid to its students.</p>

<p>That being said, I think that U Chicago counts on the self-selecting nature of its students to squeeze a little more money out of them. For example, someone who truly wants to go to Chicago and nowhere else will try to find any way to work around a poor financial aid package at all costs. I understand that argument applies for all other schools as well, but it seems to me that Chicago prospects are particularly devoted to the school.</p>

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<p>Chicago_Dad,</p>

<p>I am sorry that your daughter's finaid offer was disappointing to your family. Was Chicago's offer much different from the Collegeboard EFC estimator (using the institutional methodology)? Our family income is a bit less than yours, and our assets considerably less, but my son's award was very close to the estimate. I think the place you are getting nailed is the 70K saved for college - if it is in you D's name, it counts very heavily in the calculation.</p>

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<p>Ohio_Mum</p>

<p>Yes, Chicago's offer was FAR worse than the EFC estimator.</p>

<p>The $70K was in a 529.</p>

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<p>I am very sorry to hear this. To be honest, I have no idea what's going on though. It is almost cheaper for me to go to U Chicago than my in state safety school (it's just $500 dollars more). I have no idea why I got an amazing deal and it seems many others on the board have not. Perhaps because I have a twin?</p>

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<p>"If you come from a "middle-class" family and are a super achiever, don't bother. Apply somewhere else."</p>

<p>For the record, this was not been our experience. Aid has been in line with the estimators, and has increased a bit each year.</p>

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<p>"Yes, Chicago's offer was FAR worse than the EFC estimator."</p>

<p>Well, that sucks. Did you remember to add in your 401k contributions back in when you did the estimate... I didn't the first time and had a 5K surprise when I did the second time.</p>

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<p>
[quote]
You can't reasonable believe that those two schools could offer the same amount of financial aid to its students.

[/quote]
</p>

<p>Yes, but replace Yale with Dartmouth or Columbia or Caltech, and you'll see what I'm talking about. Also, Chicago's endowment is in the top 10 in the U.S., yet it can't compete with schools whose endowments are in the top 30.</p>

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<p>Chicago actually underestimated our fafsa efc by 1k. </p>

<p>They offered 7k more financial aid than Cornell. (which is probably more Cornell's fault than Chicago's generosity) </p>

<p>In my experience at least, Chicago offered about the same need based aid as private schools in general. Even Grinnell (the most well endowed LAC per capita) is only about 2k cheaper for me than Chicago.</p>

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<p>Chicago was the second best aid package we received. In fact, I was so in love with the school I wanted to make S go, but in the end he didn't want to be a plane ride away. (Of course I wouldn't make him go, just joshing.)</p>

<p>The school is chose had the best aid and has now eliminated loans, so we're cool, and he loved his first year.</p>

<p>The FA seems to be very capricious even though it's formula based. For instance Vassar gave us a horrible package, but it gave someone else on the board a great package and her S attends.</p>

<p>I don't think you can generalize from one package.</p>

<p>BTW: OP, where will your daughter attend?</p>

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<p>
[quote]
Chicago financial aid sucks. What's worse is that it is totally avoidable. There are many other schools that have a smaller endowment but are also research institutions that have great financial aid. Take Caltech for instance. $1 billion endowment, yet pretty much anyone who gets into Caltech gets a near- free ride.

[/quote]

Caltech has an endowment to student ratio of 1.1 million dollars to one student. Chicago has 420k of endowment for every one student it enrolls.</p>

<p>I think Chicago's financial circumstances are worse than a 6 bil endowment would suggest. They were actually running with deficits in the 90s.</p>

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<p>
[quote]
My daughter's SATs were above the mean score for U. Chicago admittees, and -- like most Chicago applicants, I assume -- she has several other "hooks" in her application, including being a published author. But she will not be taking up the place U. Chicago offered her, which now will be given to a lower rated student who almost certainly will come from a family with a lot more money.

[/quote]
</p>

<p>Now, I really do sympathize with your situation, Chicago's financial aid system really is screwed up, but I'm going to have to disagree with that statement. A bit pretentious, no?</p>

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<p>Chicago_Dad: Mistakes are made, did you appeal, or ask for the basis of the calculations?</p>

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<p>Liberty ... why is it "pretentious" for me to to assume that if U. Chicago admitted my daughter first and then, when she declined the offer, offered her position to someone else SECOND this second person was less qualified in U. Chicago's eyes?</p>

<p>Well....? Do help me out here.</p>

<p>Did I appeal? No.</p>

<p>I filed an accurate and financial statement. What would be the basis of my appeal?</p>

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<p>
[quote]
Caltech has an endowment to student ratio of 1.1 million dollars to one student. Chicago has 420k of endowment for every one student it enrolls.

[/quote]
</p>

<p>Quite. Apparently, Caltech has a larger endowment than I previously thought. I take back Caltech and raise you Columbia, which has excellent financial aid, about the same endowment as Chicago, and more students than Chicago.</p>